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Here are 3 things to know about stocks right now
- The Dow Jones Industrial Average lost on Monday after closing Friday with a record for the second consecutive session.
- Barrick Gold Corp. (ABX) of Canada has agreed to acquire Randgold Resources Ltd. (GOLD) under an agreement that will create the largest gold company in the world.
- Sirius XM Holdings Inc. (SIRI) has entered into an agreement to acquire Pandora Media Inc. (P) in a transaction valued at $ 3.5 billion.
Overview of Wall Street
Prices closed most of the time on Monday, September 24, as oil prices reached their highest level in four months as investors reacted strongly to Donald Trump's trade and energy policies and the crisis in Washington.
The Dow Jones Industrial Average
Inventories had dropped even before US Deputy Attorney General Rod Rosenstein planned to leave his post in anticipation of Trump's dismissal, according to Axios. The White House said Trump and Rosenstein would meet on Thursday.
The OPEC has decided not to change its production quotas during its weekend in Algeria, the Saudi energy minister insisting that the world oil market is "balanced" and that it is "in the dark". it "does not influence prices". week demanding the cartel "get the prices now!"
West Texas Intermediate crude rose 2.2% to $ 72.30 per barrel, while futures for Brent crude, the European benchmark, rose 2.7% to 80, 38 dollars a barrel.
China, for its part, accused the United States of "commercial harassment" shortly after the United States and China issued $ 260 billion in taxes on their respective products.
In the United States, Sirius XM Holdings Inc. (SIRI) has entered into an agreement for the acquisition of the Pandora Media Inc. (P) music streaming service for a total amount of $ 3.5 billion.
Pandora shareholders will receive 1.44 newly issued SiriusXM shares for each Pandora share, a fixed exchange rate that takes into account SiriusXM's existing 15% interest in convertible preferred shares. The combination will create the world's largest audio entertainment company, said the two companies, with pro forma sales of around $ 7 billion in 2018.
Pandora fell 1.2% to $ 8.98 on Monday. Sirius shares fell 10.5%.
Barrick Gold Corp. (ABX) of Canada has agreed to acquire Randgold Resources Ltd. (GOLD) under an agreement that will create the largest gold company in the world.
Barrick, headquartered in Toronto, will own approximately two-thirds of the amalgamated company. Mark Bristow of Randgold will take over the position of CEO and Barrick's John Thorton will retain his role as Executive Chairman. The newly formed gold giant group will have a market value of approximately $ 18.3 billion, hold five of the top 10 largest bullion deposits in the world and will produce approximately 5.5 million ounces of gold each year. .
Randgold's US deposits jumped 6.6% on Monday. Barrick Gold shares rose 5.3%.
Comcast Corp. (CMCSA) lost 6% on Monday after outbidding Walt Disney Co. (DIS) and Twenty-First Century Fox Inc. (FOX) for buying the outstanding shares of UK-based Sky PLC. (SKYAY) However, it may be difficult to convince shareholders to take advantage of the offer of nearly $ 40 billion.
With Sky's 39% stake in Sky following its $ 71.3 billion takeover by Fox, and activist shareholders such as Elliot Management could simply keep their investments, Comcast could be forced to pay a fee. high price for Sky on the biggest pay-TV channel in Europe, despite a resounding approval from the target.
"It is in the interest of all Sky shareholders to accept the Comcast offer," Sky said Monday. "As a result, Sky's Independent Committee unanimously recommends that Sky's shareholders accept the offer (Comcast) and, in order to secure the closing of the transaction and the possibility of a shareholders to accept immediately. "
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General Electric Co. (GE) fell 3.5% to $ 11.74, following losses last week after the company's genset manager confirmed a problem with a new gas turbine model.
Michael Kors Holdings Ltd. (KORS) has agreed to take control of the Italian fashion icon Versace, Reuters told Reuters on Monday that three sources close the file, adding that an official announcement would be made this week. Michael Kors fell 8.2%.
Sears Holdings Corp. (SHLD) declined 2.8% after CEO Eddie Lampert said in a filing that he wanted to restructure the distressed retailer to avoid bankruptcy.
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